German authorities confiscate bitcoin terminals of the Shitcoins Club network The German Federal Financial Supervision Authority (BaFin) confiscated bitcoin terminals of the Shitcoins Club network. A few months earlier, the regulator had demanded to stop the operator's activities in the territory under his control.

German authorities confiscate bitcoin terminals of Shitcoins Club network

The German Federal Financial Supervision Authority (BaFin) has confiscated bitcoin terminals of the Shitcoins Club network. A few months earlier, the regulator demanded to stop the operator's activities in the territory under his control..

The operation to close the Shitcoins Club began on Wednesday. BaFin said the operator provided financial services to the public without having an appropriate banking or trading license..

Germany decided to toughen requirements for operators of bitcoin terminals this year after the entry into force of the Fifth EU Directive on combating money laundering. The new rules have been reflected in the banking law, which on the one hand allows regulated financial institutions to work with cryptocurrencies, and on the other – requires incumbents in the industry to be formally registered in compliance with all other regulations.

BaFin approached the Polish company KKT UG, which owns Shitcoins Club, in February. Managing Director Adam Gramovski was ordered to cease business immediately. Gramovski did not obey the requirement of the regulator and for another six months continued to provide services for the purchase and sale of cryptocurrencies through his terminals.

The Shitcoins Club was one of the main bitcoin terminal networks in Germany. She owned 17 devices, while there are 67 of them on the local market..

 

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